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Children's Savings Accounts

Grandfather playing with grandson outdoors after opening a children's savings account with the Marsden Building Society

Our children's savings accounts are a great way to teach your little one all about how a savings account works. View the accounts currently available below, which can be opened in any one of our branches.

If you're planning on visiting a branch to open a savings account, please phone the branch before you visit to check if an appointment will be required. Branch telephone numbers can be found on our 'Find a Branch' page.

Product type

Access

Easy access

Min. opening balance

£1

Rates up to

3.90% gross p.a./AER variable

Product details

Rate shown from £1

More details

A children's savings account is more than just a safe place to store money. It's a practical tool for teaching children about money management. From an early age, children can learn about the concept of saving versus spending. Therefore, helping them to understand the value of money and how it can grow over time.

Here are some key reasons to open an account for your child:

  1. 1.      Financial literacy: It could help children understand the basics of finance, such as interest, savings and budgeting.
  2. 2.      Compound interest: Over time, the money in the account grows not just from the deposits made, but also from the interest earned.
  3. 3.      Setting goals: A savings account can help children set and achieve financial goals. For example, saving to buy a new toy.

Opening a children's savings account is a proactive step towards preparing your child for financial independence. It's a valuable life lesson that will serve them well into adulthood.

There's usually no tax to pay on children's accounts. However, if in the tax year, the child receives more than £100 in interest from money given to them by a parent, the parent will have to pay tax on the interest if it's above their own Personal Savings Allowance. There may also be tax to pay on income from a trust. For more information visit www.gov.uk (External).

You can apply to open a children’s savings account in any of our branches. Use our Branch Finder to find your nearest Marsden branch.

Yes, you can open an account for a baby or toddler and keep adding to the account until the child reaches 18. The sooner you start saving, the more interest you'll accrue. Additionally, it offers friends and relatives an opportunity to contribute to the child's savings account on special occasions.

Yes, a grandparent can open a savings account for their grandchild. Please note that evidence of personal identity and address will be required before the account is opened.

Our children’s savings accounts can be opened and managed in a branch. Additionally, once the account has been opened in a branch, the trustee can register for eSavings to view the account online.

Whether or not your child can withdraw money depends on the account type. For example, easy access accounts allow flexible withdrawals, whilst fixed rate accounts don’t allow any withdrawals during a set period. Always check the terms and conditions to ensure the account suits your needs before applying.

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Savings jargon buster

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Our jargon buster breaks down some of the most common savings terms and abbreviations. 

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Savings FAQs

Savings FAQs

Marsden colleague on laptop browsing list of FAQs to help a customer

We've answered some frequently asked questions about saving with the Marsden. 

Savings FAQs
Opening an account

Opening an account

Couple sat on sofa looking at a tablet

Here's how you can easily open a building society account with us. 

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Smiling Marsden colleague on hand to help customers

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We want to provide the best service possible, so if you have any questions, get in touch. You can contact us by phone, visit us in branch or email us – we’ll be happy to help.

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